Facebook Owner Is Behind $60-Million Deal for Meta Name Rights

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Meta Platform, owner of the social media network Facebook, is behind a $ 60 million (approximately Rs 455.1921 crore) deal to acquire the trademark assets of US regional bank Meta Financial Group, a company spokesman said on Monday.

The deal underscores how valuable the meta name has become for the technology giant, which has bet that its focus on Metaverse – shared digital spaces accessed via the Internet across different devices – will pay off in the years to come. Meta Financial said in a regulatory filing on Monday that a Delaware company called Beaz Key LLC had agreed to acquire its company name rights worldwide for $ 60 million in cash.

The owner of the base key did not disclose. A spokesperson for Meta Platform said, “The key is approved with us and we have acquired these trademark assets.”

A Metabank spokesperson also confirmed the involvement of the Meta platform. In addition to offering products through its MetaBank subsidiary, including consumer savings, loans and credit cards and commercial loans, Meta Financial partners with institutions, including government agencies and financial technology companies, to offer banking services aimed at strengthening financial inclusion. Facebook said in October that its parent company had changed its name to Meta Platform.

The tech giant, which has invested heavily in virtual reality and augmented reality, sees Metavers as the successor to the mobile Internet. Last week, Meta Platforms launched its previously only invited Horizon Worlds app, where users of its Quest Virtual Reality headset can play games and interact as avatars, to more than 18 users in the United States and Canada.

The Metaverse concept, which has emerged from the earnings calls of several Silicon Valley companies and which will require collaboration among technology giants, may be more than a decade away from being fully realized. A spokesman for Meta Platform said the company was in talks with Meta Financial before announcing the name change for Facebook.

In the filing, Meta Financial said it had begun reviewing a brand strategy earlier this year, but a Metabank spokesman declined to comment on discussions outside the filing content. Shares of Meta Financial traded 1.5 percent lower in mid-day trading, giving it a market capitalization of about $ 1.74 billion (approximately Rs 13,203.80 crore).

The meta platform grew 1.6 percent, valued at $ 933 billion (approximately Rs 7,08,06,09 crore).

Thomson Reuters 2021


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